HSBC Bank vs Ally Bank

HSBC is a large full-service global bank. How does it compare to Ally Bank? Read our comparison chart below.

HSBC is a large multi-national bank and offers several checking accounts for different needs. HSBC Direct is the online banking operation and offers high interest savings for just $1 minimum deposit with no service fees.

While Ally Bank offers high interest on their Savings account. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. There is no minimum deposits or service fees for any of their banking products.

Compare HSBC with Ally Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	HSBC Bank	Ally Bank


	SPECIAL OFFER HSBC $450 Premier Checking Bonus - Learn More Read HSBC Review	SPECIAL OFFER Online Savings Account - 0.50% APY - Learn More Read Ally Bank Review
	Benefits and Features
Savings	HSBC Direct Savings: 0.15% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.	0.50% APY
CD	0.20% to 0.30% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.30%. Minimum deposit of $1,000 to open.	0.15% to 0.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.55%
Checking	Basic Banking: no minimum requirements; $1 monthly service fee Choice Checking: $15 monthly service fee waived if you set up direct deposit OR maintain a minimum monthly balance of $1,500 Advance Checking: $25 monthly service fee waived if you maintain a minimum monthly balance of $5,000 in combined HSBC deposit and investment accounts. Premier Checking: $50 monthly service fee waived if you maintain a minimum monthly balance of $75,000 in combined HSBC deposit and investment accounts.	0.10% APY under $15,000; 0.25% APY $15,000 or more
Money Market		0.50% APY
Customer Service	24/7	24/7
ATMs	Any HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.	Over 43,000 no-fee Allpoint ATMs
Locations	HSBC - 240+ branches, mostly on the West and East coasts HSBC Direct - online only	Online Only
	CreditDonkey® Reviews

Savings
Checking
Customer Service
Money Market
Mobile App
Pros & Cons	Pros: Global presence High online savings APY Cons: Not in every state	Pros: CD options No account minimums Good customer service Cons: Low Checking APY for lower balance customers
Bottom Line	Large full-service global bank... Read full review	Solid online bank with a great user-friendly website and customer service... Read full review

	HSBC $450 Premier Checking Bonus HSBC Premier Checking - Up to $600 Cash Bonus HSBC Direct Savings - 0.15% APY	Online Savings Account - 0.50% APY Interest Checking Money Market
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. HSBC: Data points including rates, fees, terms, and benefits was obtained on December 20, 2020 from published websites and is believed to be accurate, but not guaranteed. Ally Bank: Pricing information from published website as of 7/23/2021.

Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Get $450 Welcome Deposit

Expires 8/31/2021

Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
Open your new HSBC Premier checking account online by August 31, 2021; and
Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Which is Better: HSBC or Ally Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing HSBC or Chase.

In short: HSBC's checking is excellent. Ally Bank's customer service is outstanding.

Articles on HSBC Bank

HSBC Bank

HSBC Bank offers a full array of services for different needs, including a high-yield online savings and several checking options. But there are downsides. Read on for the pros and cons.

HSBC Online Savings

Are you tired of abysmal interest rates on your savings accounts? Maybe you've even abandoned the thought of a savings account because it just doesn't seem worth it anymore.

HSBC Advance Checking

Are you tired of not earning interest on your checking account? Maybe you want more than just check writing privileges in exchange for depositing your money. HSBC Advance Checking may make you look at banks in a different light.

HSBC Premier Checking

Are you looking for a checking account that does more than allow you to write checks? If you are a high net worth individual, the HSBC Premier Checking account may be what you need. This top-of-the-line checking account offers access to a personal Relationship Manager.

Articles on Ally Bank

Ally Bank

Ally Bank offers good interest rates and no account minimums. But is this popular online bank good for you? Learn the benefits (and drawbacks) here.

Ally Bank Routing Number

Looking to transfer money in or out of your Ally account? You'll need the right routing number. Find your Ally routing number and learn more about money transfers in our guide.